If you’ve followed me for a while, you know that we do quarterly reviews for both my coaching business and my Pilates studio. The end of June is the end of Q2 — it’s also halfway through the year. So let’s check in with those goals and metrics with a mid-year review.

Why mid-year reviews matter

I personally check in with my business on a weekly basis. However, I have a team of people to help support that. If you’re new to your business or haven’t grown a team yet, that’s OK. You can complete a monthly or even quarterly review. However, I recommend that you check in every quarter at the very least — especially at the end of June.

Why? Because when you check in with yourself, your business, your team, etc., you can see how your goals have progress. You can also see if something isn’t moving forward, and uncover problems to get back on track.

Of course, the best way to do this is to review your numbers. I know, I know. Most of us want to avoid numbers, but it’s super important. Numbers don’t lie. I know that most of us health and wellness pros went to school to learn about the body and to help people — but we don’t have an MBA. They didn’t teach us business stuff in physical therapy school, I can tell you that.

Don’t worry, though, because I’m going to show you how to complete a mid-year review (including the metrics you need to pull).

What to review for your health and wellness business

Below, you can find a quick rundown of the metrics we review each week in our business, but that you should review at least once a quarter in your own: 

• Current active clients: We want to see this staying level or going up. This includes coming into your business and who are actively paying.
• New clients: We separate this out per location, but you might want to parse this out by offer or package.
• Online subscribers: We have on-demand and a Pilates teacher training, but you might have a YouTube channel, Instagram, or even a virtual offer to track.
  
• Utilization rate: How much of your schedule is being utilized? This tells us we’re being efficient and our schedule is working (or it can show if we need new classes, more staff, etc.)
• Ex: If you have 10 hours available and you have 10 clients, you’re 100% utilized
• Ex: If you have 10 available spots in a class and 10 people show, you’re 100% utilized
• Our goal is 70% or higher — 7/10 slots are used
  
• New client retention: How many new clients are staying on with you?
• Ex: 10 new people come in the door, 3 people stay on to keep paying, you have a 30% retention rate
• Our goal is 40% — if it goes below that, we look at why. Couldn’t find parking? Didn’t have a good class? Too expensive? Don’t live here? 

And of course, we also look at financial numbers (your favorite, I know!)

• Revenue: How much money total has your business brought in this year, quarter, and month:
  
• Gross margin: This is your overall revenue MINUS what it costs to produce that revenue
• Ex: You bring $100 in, you pay instructors $50, that’s 50% gross margin
• Net margin: This is your overall revenue MINUS every expense associated with your business

Setting and reviewing goals each quarter 

Beyond the numbers, we also check in with our goals for the year and quarter. Again, I meet with my team weekly, but you may just do this once a quarter.

At Pilates in the Grove, we set goals at the beginning of each and every quarter and review them during our meetings. For example, there are some initiatives we set in March 2021 that we are currently reviewing.

We set a goal to set up and match metrics to each member of our team. Everyone is responsible for at least one goal — and we need to set up a way to track them. We also wanted to set up a new system to track leads and conversions. We converted from one software to another software, and that was fully implemented. We also check in on the launch of our free challenge, which feeds into our on-demand challenge. These check-ins tell us how each of these projects is coming along, and what needs to be tweaked.

When you do your quarterly review, ask yourself:

• Which goals did I set for the year?
• What progress did I make this quarter/first half of the year?
• Where do I see room for improvement?
• What’s been working well?

This can be really valuable — when paired with the numbers — to show you what’s working in your business or not.

A final note on quarterly & mid-year reviews

Let’s be honest: We’re not going to hit every goal we set for ourselves. We are high achievers, and it’s OK if we don’t hit every goal. It’s not a failure when you’re not on track; it means you might need more time or a different approach.

With a mid-year review, you can set goals that will move you toward your goals for the year. Your metrics will tell you a story of what’s happening in your business. Don’t be afraid of the numbers — they can save your butt!